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Sun 14 Sep 2014 10:12 AM

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Dubai's Emaar looks to raise $1.58bn from malls unit's IPO

Developer expects to sell 2bn shares in Emaar Malls Group with a price range of AED2.50 to AED2.90 per share

Dubai's Emaar looks to raise $1.58bn from malls unit's IPO

Dubai's Emaar Properties is seeking to raise up to AED5.8 billion ($1.58 billion) from the initial public offer of shares in its malls unit, the company said in a statement on Sunday.

Emaar expects to sell 2 billion shares in Emaar Malls Group with a price range of AED2.50 to AED2.90 per share, the company said in a statement on Sunday.

The final offer price will be determined following a bookbuilding process.

The share sale starts on Sunday and ends on September 24 for retail investors and September 26 for institutional investors. The shares will be listed on Dubai Financial Market on October 2.

Emaar Properties shareholders as at 10 September
2014 have been given priority allocation of up to 10 percent of the offer, while the
Emirates Investment Authority also has been given preferential allocation for 5 percent of
the shares.

Emaar said it expected individual investors to take up 30 percent of the offering, with institutional investors accounting for the remaining 70 percent.